As the first crypto asset to be created, Bitcoin now occupies the top position in the crypto market. And, its value has historically tended to increase with limited quantities. As Bitcoin continues to grow, one question has yet to be answered. Who exactly is the creator of Bitcoin?
Who is Satoshi Nakamoto?
Satoshi Nakamoto is the name behind the creation of Bitcoin. However, until now, no one knows who Satoshi Nakamoto really is. Many assume that the name is a pseudonym which raises many conspiracies for Bitcoin fans and other crypto asset communities. One of the conspiracy theories was put forward by Elon Musk, CEO of Tesla, who uploaded photos of four well-known brands, namely: Samsung, Toshiba, Nakamichi, and Motorolla. The four brands when put together formed the name Satoshi Nakamoto,which caused a lot of debate on Musk’s Twitter. However, Elon Musk denied that he was the person behind Satoshi Nakamoto.
The name Satoshi Nakamoto first appeared in the Bitcoin whitepaper that came out in 2008. Until now, no one knows whether it is a pseudonym of a person or a team. Although still a mystery, this name has attracted much attention, not limited to the crypto community. Many hackers and computer scientists around the world claim to have received emails from Satoshi Nakamoto.
To this day, the identity of Bitcoin’s inventor remains one of the biggest mysteries in the modern world. Is it a person or a group of developers? And where has Satoshi gone now after he created an asset that has reached a market cap of US$1 trillion? Many people assume that he has held 1 million BTC until now. Even if Satoshi left a trail of clues, many assume it would be seen from the code behind Bitcoin and in some of the forums he created, such as BitcoinTalk, which existed in 2009.
What Does Satoshi Nakamoto Say About Bitcoin?
Satoshi received a sceptical reception from people when he first introduced Bitcoin. Hal Finney,a legendary figure in the world of cryptography, said that before Bitcoin, there were many failed business ideas or schemes from budding cryptographers and almost all of them got the same reaction as Satoshi.
At the announcement of the launch of Bitcoin in October 2008, in the whitepaper, Satoshi explained that he had created an electronic financial system that worked as a peer-to-peer (P2P) system not requiring third parties such as banks or governments. He also said that the Bitcoin system that had been created would overcome the problem of double spending that often occurs in the financial system in general.
The P2P system created as the foundation of Bitcoin will eliminate the need for a third party to validate every transaction that occurs in it, thereby reducing human error. Satoshi explained that the need for a third party was the initial failure of the digital currencies mechanism created earlier. He said that many people automatically reject e-currencies because of the many shortcomings of digital money since 1990. He said that Bitcoin would be the first e-currency that is decentralized and does not use a third party as a validator. For this reason, Satoshi proposed a blockchain system that would record all transactions and be accessible to the public.
The independence of the Bitcoin system amidst the messy financial network of his time is an exciting idea. He added that the fundamental problem with currencies, in general, is the need for trust in a third party to make them work. Banks should be the trusted party holding people’s money and making electronic transfers. But, in reality they are lending the money, and if something goes wrong, there is no money left.
Why Satoshi Nakamoto Remains Anonymous
If Satoshi Nakamoto is still alive, there are several reasons why he chose to remain a mystery until now. One of them is the law of the United States which states that the creation of coins or currencies that compete with government currencies is a federal offence and punishable. As the creator of Bitcoin, Satoshi could be one of the people who violated this law.
In addition, Bitcoin is often said to be a P2P network independent of anyone. Bitcoin is of absolute value with the creator gone. At the time of its launch, an independent system not requiring a third party was an attractive idea, especially since Satoshi saw the global financial crisis happening at that time. Satoshi’s disappearance proves that Bitcoin is an independent system, even from its creator.